INSIDE SCOOP
COMMENTARY
LOCAL
NATIVITY SCENES HONOR SUPPORTERS PAGE 3 FOUNTAIN OF YOUTH FOUND PAGE 5 CRIME WATCH PAGE 6
FRIDAY, DECEMBER 12, 2008
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Volume 7 Issue 336
Santa Monica Daily Press WAITING FOR MANNY SEE PAGE 10
Since 2001: A news odyssey
THE THEY SHOOT, THEY DON’T SCORE ISSUE
Assistant city manager set to depart
Brokers caution investors to remain patient BY ELIZABETH KENIGSBERG Special to the Daily Press
BY MELODY HANATANI CITYWIDE Amid an economic downturn in
Daily Press Staff Writer
which the news seems to grow more dismal every day, local investment brokers have one piece of advice: Plan ahead and know your tolerance for risk. In a year with a $700 billion bailout for some of the country’s top financial institutions and, according to figures compiled by Santa Monica’s Sierra Investment Management Inc., more than 100 triple digit moves in the Dow, people’s stomach for investment has been a bit queasy. “Some people have been through ups and downs in the market and are not bothered by this swing,” said Russell Evans, first vice president and wealth management advisor of Satz, Evans Group, a wealth management advisory team of Merrill Lynch in Los Angeles that works with entrepreneurs and other business professionals. “But sometimes people think they have one level of appetite for risk, but once they go through a volatile period, that appetite might change. People’s eyes are sometimes bigger than their stomachs.” Though shifts in the market should be expected, people looking to retire might need to reevaluate their financial portfolios, brokers advised. Rose Green, an independent financial advisor whose Santa Monica firm specializes in retirement planning, recognizes the economic climate as particularly trying for persons planning to retire. “We’re advising clients to sit down and reflect on what their current circumstances are because first and foremost we have to make an assessment about how long there will be until a planned retirement and how much money you’ve already put away,” Green said. “Ultimately, you’re going to need money after you stop working, and most people accept that even though Social Security is being funded, it’s not enough — especially in our area.” In a period Green described as painful, she said the reality of an upcoming retirement might change for some. “I fully understand that right it now it feels like everywhere you go, you’re losing money; it’s my pain as well,” she said. “The acceptance and the recognition that those of us over 60 might need to continue to work
CITY HALL Before the lights turned off, the chambers cleared for the night and City Councilmembers concluded a rarely seen short meeting, there were a few parting words for a long-time fixture on the dais. “You’ve educated me in a really great way,” Councilmember Bobby Shriver said to Assistant City Manager Gordon Anderson. “I’m going to miss seeing you up here.” After an eight-year-run with City Hall, Anderson, 57, will leave at the end of the month to serve as the interim executive director for the Westside Cities Council of Governments (COG), which is a joint powers authority made up of various local municipalities, including Santa Monica, Beverly Hills, Culver City and Los Angeles. The upcoming stint with the COG will act as a stable transition to retirement for the Los Angeles resident who had already planned to leave in order to pursue parttime consulting work when he was approached about replacing former Executive Director Jody Hall Esser, who is now the director of planning and development for the county of Santa Clara. There is no timeline as to when Esser’s permanent replacement will be named, a position that Anderson, who has worked with the COG as City Hall’s representative, said he could be interested in pursuing. “Upon my retirement I wanted to do something in a way of transition where I can stay connected in local government,” Anderson said. As the assistant city manager, Anderson essentially serves as the chief operating officer for City Hall and is the authority to whom the external departments directly report, such as Public Works, Housing and Economic Development, Big Blue Bus and the Santa Monica Public Library. The deputy city manager, a position held by Elaine Polachek, is responsible for internal services, such as Finance and Human Resources. Anderson came to Santa Monica with 19 years working in city government, starting in Pasadena where he served as the economic development administrator and oversaw numerous projects, including the rise of Old
HEAD CASE
Morgan Genser news@smdp.com Santa Monica High School's Tyler Horton (right) challenges West Torrance High School's Matt Hazzard for a loose ball during a home game on Thursday afternoon. West Torrance won the game, 3-0. With the loss Samohi's record is 4-1-1.
SEE ECONOMY PAGE 8
Gary Limjap
SEE ANDERSON PAGE 7
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